Matrix Partners re-upped its investment just over a week after closing its $450m tenth fund, as did Commonwealth Capital Ventures and Egan Managed Capital.

Summit said its managing director Peter Chung would join the Acacia board of directors following the transaction.

Chung said, “We believe Acacia has the team, the technology and the track record of execution necessary to deliver industry-leading solutions to its customers and superior financial performance for investors.

“The company is very well- positioned to lead the optical networking industry into the 100G era.”

Acacia, which provides transceiver devices to increase optical performance for data centres, cable operators and service providers, recently tripled the size of its lab facilities at its Massachusetts headquarters.